The Middle East and Africa specialty chemicals market will grow at a CAGR of 5.3% during the forecast period, owing to the surging use of agrochemicals in African countries and increasing construction activities for the establishment of new commercial centers, industrial plants, and housing units.
Specialty chemicals or performance chemicals are low-volume chemicals that add significant value to several products. These are used as ingredients in the production process of industrial and consumer goods. Also, these chemicals can be used in the manufacturing of a range of products, including petroleum products, electronics, paints, and detergents. Among the various end-use industries in the MEA region, the agriculture, construction, and electronics sectors use the maximum amount of specialty chemicals to produce better products.
A major opportunity is being created in the MEA specialty chemicals market due to the growing demand for these chemicals from developing countries of the region. The demand for specialty chemicals from the developed countries of the MEA region has reached a saturation point as the end-use markets in these countries are mature. However, the requirement for these chemicals is increasing from the developing countries, especially African nations,and this demand is being created primarily by the electronics, agriculture, and construction sectors.
Thus, the advancements in the agricultural practices in Africa and rising consumption of specialty chemicals in the oilfields in the Middle East are leading to the growth of the market.
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